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INVL Technology Interim / Quarterly Report 2019
2265_rns_2019-04-29_d7198b22-a770-4475-b6d6-2047a2f4c770.pdf
Interim / Quarterly Report
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INL
TECHNOLOGY
RESULTS FOR 3 MONTHS OF 2019
INVL Technology is a closed-end investment company (CEF) which invests in IT businesses. It is listed on the Nasdaq Vilnius exchange. A strategy of INVL Technology is to invest in national-level European IT businesses with high globalisation potential and grow them into global players by utilizing the sales channels and intellectual capital of the managed companies.
| Name of the company | Special closed-end type private capital investment company INVL Technology |
|---|---|
| Company code | 300893533 |
| Start of CEF activities | 14-07-2016 |
| Period of activity | 10 years (+ 2 years) |
| Management company | INVL Asset Management UAB |
19 operating companies form a portfolio of INVL Technology directly and indirectly managed companies. They are classified into 3 areas of activity.
Currently NRD Companies group is undergoing reorganisation. NRD Companies AS will become the managing company of the group and Norway Registers Development AS will become a consulting company.
| NET ASSET VALUE | ||
|---|---|---|
| EUR | 31-03-2018 | 31-03-2019 |
| NAV | 23,351,694 | 27,694,139 |
| NAV per share | 1.9180 | 2.2746 |
| KEY FIGURES OF INVL TECHNOLOGY | ||
| THOUSAND, EUR | 3 months of 2018 | 3 months of 2019 |
| Change in the fair value of financial assets | (328) | (212) |
| Profit (loss) before taxes | (460) | (331) |
| Net profit (loss) | (460) | (331) |
| THOUSAND, EUR | 31-12-2018 | 31-03-2019 |
| Financial assets value | 24,229 | 24,017 |
| Cash and Cash equivalents | 2,230 | 2,340 |
| Bonds | 1,235 | 1,235 |
| Other assets | 456 | 246 |
| TOTAL ASSETS | 28,150 | 27,838 |
| Other liabilities | 125 | 144 |
| Equity | 28,025 | 27,694 |
| TOTAL EQUITY AND LIABILITIES | 28,150 | 27,838 |
| FINANCIAL ASSETS, THOUSAND EUR | ||
| COMPANIES | 31-12-2018 | 31-03-2019 |
| NRD Companies (includes Etronika UAB, NRD UAB, Norway Registers Development AS and others) | 5,458 | 5,383 |
| Novian (includes both BAIP UAB and Acena UAB) | 7,537 | 7,483 |
| Algoritmų sistemos UAB | 4,078 | 3,983 |
| Andmevara | 470 | 374 |
| NRD CS UAB | 6,455 | 6,557 |
| FINtime UAB | 231 | 237 |
| TOTAL | 24,229 | 24,017 |
| CHANGE IN FAIR VALUE OF FINANCIAL ASSETS | ||
| THOUSAND, EUR | ||
| Opening balance | 24,229 | |
| Revaluation | (212) | |
| CLOSING BALANCE | 24,017 |
INL TECHNOLOGY
RESULTS FOR 3 MONTHS OF 2019
THE RESULTS OF INVL TECHNOLOGY PORTFOLIO COMPANIES FOR 3 MONTHS OF 2019
KEY PROFIT (LOSS) ITEMS, THOUSAND EUR¹
| NRD companies | Etronika UAB² | NRD Systems UAB² | ANDMEVARA³ | BAIP and ACENA | ALGORITMŲ SISTEMOS | NRD CS | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 months of 2018 | 3 months of 2019 | 3 months of 2018 | 3 months of 2019 | 3 months of 2018 | 3 months of 2019 | 3 months of 2018 | 3 months of 2019 | 3 months of 2018 | 3 months of 2019 | 3 months of 2018 | 3 months of 2019 | 3 months of 2018 | 3 months of 2019 | |
| Revenue | 1,443 | 1,710 | 450 | 639 | 610 | 545 | 262 | 323 | 1,955 | 4,249 | 525 | 478 | 303 | 756 |
| Gross profit | 1,086 | 1,111 | 421 | 560 | 488 | 484 | 237 | 176 | 305 | 474 | 437 | 449 | 199 | 470 |
| EBITDA | 105 | (3) | 62 | 164 | 47 | (34) | (61) | (50) | (46) | 128 | (36) | (63) | (80) | 142 |
| EBIT | 61 | (67) | 60 | 133 | 37 | (58) | (70) | (71) | (169) | (13) | (42) | (87) | (85) | 116 |
| Net Profit (Loss) | 56 | (84) | 59 | 124 | 35 | (68) | (71) | (96) | (188) | (34) | (42) | (95) | (92) | 114 |
KEY BALANCE SHEET ITEMS, THOUSAND EUR¹
| NRD companies | Etronika UAB² | NRD Systems UAB² | ANDMEVARA | BAIP and ACENA | ALGORITMŲ SISTEMOS | NRD CS | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31-12-2018 | 31-03-2019 | 31-12-2018 | 31-03-2019 | 31-12-2018 | 31-03-2019 | 31-12-2018 | 31-03-2019 | 31-12-2018 | 31-03-2019 | 31-12-2018 | 31-03-2019 | 31-12-2018 | 31-03-2019 | |
| Tangible assets | 58 | 460 | 2 | 204 | 29 | 228 | 25 | 101 | 678 | 677 | 89 | 299 | 48 | 172 |
| Intangible assets | 481 | 449 | 369 | 347 | 3 | 2 | 4 | 4 | 420 | 420 | 1,802 | 1,801 | 140 | 128 |
| Other non-current assets | 35 | 35 | 21 | 21 | 15 | 15 | - | - | 361 | 39 | 65 | 103 | 22 | 22 |
| Current assets | 4,801 | 5,000 | 670 | 933 | 1,688 | 1,501 | 900 | 712 | 9,018 | 9,545 | 1,941 | 1,769 | 2,486 | 1,709 |
| of which cash | 458 | 420 | 61 | 95 | 193 | 139 | 213 | 262 | 4,676 | 3,955 | 468 | 172 | 749 | 115 |
| Total assets | 5,375 | 5,944 | 1,062 | 1,505 | 1,735 | 1,746 | 929 | 817 | 10,477 | 10,681 | 3,897 | 3,972 | 2,696 | 2,031 |
| Equity | 1,773 | 1,732 | 437 | 541 | 510 | 437 | (72) | (167) | 2,231 | 2,271 | 2,756 | 2,638 | 840 | 936 |
| Non-current liabilities | 110 | 449 | 81 | 251 | - | 152 | - | 10 | 1,253 | 1,253 | 194 | 390 | - | 104 |
| Of which financial debt | - | 329 | - | 177 | - | 152 | - | 10 | 1,253 | 1,253 | - | 196 | - | 104 |
| Current liabilities | 3,492 | 3,763 | 544 | 713 | 1,225 | 1,157 | 1,001 | 974 | 6,993 | 7,157 | 947 | 944 | 1,856 | 991 |
| of which financial debt | 560 | 663 | 90 | 133 | 307 | 362 | 530 | 586 | 11 | 11 | - | 37 | - | 22 |
| Total liabilities and equity | 5,375 | 5,944 | 1,062 | 1,505 | 1,735 | 1,746 | 929 | 817 | 10,477 | 10,681 | 3,897 | 3,972 | 2,696 | 2,031 |
¹ Unaudited figures
² The results of Etronika UAB and NRD UAB are included into results of NRD Companies
³ Results of Andmevara AS, Andmevara SRL AND Anmevara Services OU included